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- W2890501651 abstract "We use firm-level data to study corporate performance during the Great Depression era for all industrial firms on the NYSE. Our goal is to identify the factors that contribute to business insolvency and valuation changes during the period 1928 to 1938. We find that firms with more and lower bond ratings in 1928 became financially distressed more frequently during the Depression, consistent with the trade-off theory of leverage and the information production role of credit rating agencies. We also document for the first time that firms responded to tax incentives to use during the Depression era, but that the extra used in response to this tax-driven debt bias did not contribute significantly to the occurrence of distress. Finally, we conduct an out of sample test during the recent 2008-2009 Recession and find that higher leverage and lower bond ratings also increased the occurrence of financial distress during this period." @default.
- W2890501651 created "2018-09-27" @default.
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- W2890501651 date "2011-09-01" @default.
- W2890501651 modified "2023-09-23" @default.
- W2890501651 title "Financial Distress in the Great Depression" @default.
- W2890501651 hasPublicationYear "2011" @default.
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